Fortescue has today announced it has taken the lead investor role in Electric Hydrogen’s (EH2) US$380 million ($603.4 million) series C funding round.
Fortescue and EH2 have also separately signed a framework procurement agreement to supply one gigawatt of EH2’s electrolyser systems to Fortescue’s green hydrogen projects in the US and globally.
EH2’s complete 100-megawatt electrolyser systems produce green hydrogen from renewable electricity and water at large scale.
Each EH2 electrolyser system can make nearly 50 tonnes of low-cost green hydrogen per day.
“Fortescue is committed and focused on supporting the rapid scaling of green technology to help heavy industry decarbonise and producing green hydrogen at scale is integral to that,” Fortescue Energy chief executive officer Mark Hutchinson said.
“Right now there are not enough electrolysers in the world to support the amount of green hydrogen we are set to produce.
“That is why we are partnering with other world leaders in this space to secure our green energy supply chain and we’re excited to invest and secure capacity with Electric Hydrogen to help us achieve our goals.
“Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green hydrogen projects around the world and stop the need for fossil fuels. We are looking forward to working together.”
EH2 chief executive officer and co-founder Raffi Garabedian said EH2 and Fortescue share an ambition to achieve large scale, low-cost global production of green hydrogen as soon as possible.
“We want to make fossil-free hydrogen an economic inevitability for fertiliser producers, steelmakers, chemical companies and other critical industries that have no other option to decarbonise.
“Our team is excited to begin building and commissioning our leading electrolyser technology at Fortescue project sites to deliver on that commitment.”